Hong Kong anti-graft watchdogs snare 50 bosses for scams

December 9th, 2008 - 1:43 pm ICT by IANS  

Hong Kong, Dec 9 (DPA) Anti-corruption investigators have successfully prosecuted 50 chairmen and top managers for scams totalling three billion Hong Kong dollars ($385 million) over the last five years, a media report said Tuesday.The Independent Commission Against Corruption said 18 cases involving 2.5 billion Hong Kong dollars concerned fraud or scams on letters of credit, the South China Morning Post said.

A further 300 million Hong Kong dollars involved embezzlement, while the remaining 200 million Hong Kong dollars covered bribery or kickbacks.

Anti-graft commissioner Timothy Tong said corporate governance and the integrity of directors were of significant importance, especially during the current financial crisis.

“Our experience tells us that these serious problems usually occur when top management fails to lay down ethical standards for the corporation,” Tong said.

“Even though an ethical framework was laid down, they may have failed to set up a sound mechanism for its implementation. Regardless of the circumstances, every corruption and fraud scam impairs the interests of investors, dampens the confidence of the market and erodes the leading position of Hong Kong as an international financial hub,” he added.

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